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More time for doing other things
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That depends on the business. My side business is extremely time consuming. I'd hate to calc the hourly wage.
Beware of the home office deduction - that's a big IRS flag.
To avoid (not evade) a lot of the self-employment tax you can incorporate as an S corp. Then you pay yourself a salary, which is self-employment taxable. Any extra profit flows through to you w/o the self-employment tax. Just make sure your salary is "reasonable" (and that's up for you to decide, but another big audit flag is to pay yourself a very low salary to avoid most of the SE tax).
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Most importantly.... SEP-IRAs... 25% of your net income is fed tax deductible. up to 43,000 a year -- none of this 3k, 4k crap.
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I'll have to look into that a bit.